Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS
Rule 120-2-30-.05 - Required Provisions on all Notes or Certificates

Universal Citation: GA Rules and Regs r 120-2-30-.05

Current through Rules and Regulations filed through September 23, 2024

The body of the note or certificate shall provide that:

(a) All payment of interest and principal shall be payable only out of earned surplus in excess of that surplus required by law to transact the kind(s) of insurance for which the company is authorized.

(b) All proposed payments of any interest and principal shall be submitted to the Commissioner for his approval prior to any payments being made.

(c) The Commissioner may disapprove the repayment of any surplus loan if it is found that a reduction of the insurer's surplus would be hazardous to its policyholders or to the public.

Ga. L. 1960, pp. 289, 305, 549, 1969, pp. 490, 491.

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